https://www.taxtmi.com/caselaws?id=257110 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalty of Rs. 8,22,041 for concealing income related to long term capital gain was deemed incorrect. The Tribunal found the assessee's explanations plausible and sustainable, contrary to the AO's interpretation, leading to the cancellation of the penalty. The judgment emphasized the importance of providing justifications for surrendered income and highlighted errors in the penalty imposition based on wrong premises. en-us Mon, 22 Dec 2014 00:00:00 +0530 Tue, 03 Mar 2015 07:51:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257110 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalty of Rs. 8,22,041 for concealing income related to long term capital gain was deemed incorrect. The Tribunal found the assessee's explanations plausible and sustainable, contrary to the AO's interpretation, leading to the cancellation of the penalty. The judgment emphasized the importance of providing justifications for surrendered income and highlighted errors in the penalty imposition based on wrong premises. Case-Laws Income Tax Mon, 22 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257110